The process of developing audit technology and implementation can be a costly venture. Therefore, a comprehensive understanding of the scope of this process is vital for those making the decisions.
Experts believe that the development and implementation process of audit technology takes many hours and money as well as human resources. It is also crucial to identify the goals and objectives that must be met. Implementing audit technology is a complicated process that requires constant communication between teams, as well as an understanding of the pitfalls that may arise at any stage of the development cycle.
This is particularly applicable if the aim of the project is to improve data organization and efficiency in auditing. One KPMG senior manager found that a firm with multiple entities could save hundreds of dollars in testing time by utilizing automated tools.
Another possible use for the emerging technologies is that auditors can perform audits in a remote and virtual environment. This technology enables greater efficiency, decreases the cost of travel and time spent in meetings with clients and enables auditors to use more sophisticated tools, like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland and Maryland, says that incorporating the latest technologies into audits is not a process that can be completed in a matter of hours. Her firm implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has enabled her to tailor audits to specific risks and also eliminate the need for samples.